Chinese stock futures are pointing higher


Fresh from two-days of massive declines, Chinese stock market futures are pointing higher.

CSI 300 futures are pointing up 0.8% with SSE 50 futures — a derivative of the large-cap SSE 50 index — jumping 1.9%.

banking stocks are predicted to open stronger than the broader markets.

The gains follow the announcement of further monetary policy easing from the PBOC overnight along with restrictions on some types of futures trading.

After Wednesday’s initial price matching the Shanghai Composite is pointing to a gain of 0.5%.

Stocks aside, the PBOC fixed the USD/CNY at 6.4043 on Wednesday, slightly below yesterday’s closing level of 6.4124.

Money market rates are also significantly lower with the seven-day repo rate opening at 2.30%, below the 2.549% closing level of Tuesday.

Trade in Chinese stocks will resume at 11.30am AEST.

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